How is your company prepared for the unexpected cost loss or damage?
Every drilling business, large or small, will face an unexpected loss in either material or human assets. Losing a company leader whether it’s a business partner, a director, or a crew member can be difficult to recover from, shaking the foundation of the company. One often overlooked way to protect your business in this situation is through purchasing insurance.
Carrying life insurance on the people who are essential to the operations of the company can save your business when tragedy strikes. The company gains financial support and time to heal from the upheaval. Hasty decisions based on fear can be avoided, giving the company time to calmly review, restructure, and redirect.
When talking of the importance of insurance, workers’ compensation should not be overlooked, especially in the drilling industry. The possibility of an incident causing injury is what makes the coverage expensive, but the coverages it affords are well worth it. By not only taking care of medical coverage for the injury but also for your loss of income, life insurance, and employers’ liability, your drilling business can hardly afford not to carry workers’ compensation.
A new business may struggle enough to just stay afloat, unable to afford premiums. But once it becomes profitable, investing in workers’ compensation coverage for the owner and other essential employees should be at the top of the list. Knowing the company has stability in the future, even when dealing with unexpected loss, can make a difference when attracting and keeping good employees.
